TCRLA_Public/131025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Friday, October 25, 2013, Vol. 14, No. 212


                            Headlines



B R A Z I L

OSX BRASIL: Continues Debt Extension Talks With CEF


C A Y M A N  I S L A N D S

ALLIANCEBERNSTEIN: Member to Hear Wind-Up Report on Nov. 15
ALLIANCEBERNSTEIN MASTER: Member to Hear Wind-Up Report on Nov. 15
BELMONT LONG: Members' Final Meeting Set for Nov. 21
CDH CHINA: Members' Final Meeting Set for Nov. 12
KENMAR INSIGNIA: Shareholder to Hear Wind-Up Report on Nov. 15

NEUROSURANCE PROFESSIONAL: Member to Hear Wind-Up Report on Nov. 8
PIPE ENTERPRISES: Members' Final Meeting Set for Oct. 30
SAB OVERSEAS II: Members' Final Meeting Set for Oct. 29
SAB OVERSEAS III: Members' Final Meeting Set for Oct. 29
SAB OVERSEAS IV: Members' Final Meeting Set for Oct. 29

STONEWARE GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 21
STONEWARE MASTER: Shareholder to Hear Wind-Up Report on Nov. 21
T-BEAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 15
VARNA FUND: Shareholder to Hear Wind-Up Report on Nov. 7
VARNA MASTER: Shareholder to Hear Wind-Up Report on Nov. 7


D O M I N I C A N   R E P U B L I C

* World Bank to Help Dominican Republic Compete Economically


J A M A I C A

STOCKS AND SECURITIES: FSC Sends Auditors to Firm


M E X I C O

GRUPO POSADAS: Fitch Affirms 'B' Local Currency IDR at 'B'
MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to 'C'
MUNICIPALITY OF SULTEPEC: Moody's Withdraws Ba2/B2 Issuer Ratings


P U E R T O   R I C O

EMPRESAS OMAJEDE: Charles A. Cuprill to Step Down as Counsel
POPULAR INC: Seeks to Repay Bailout as Asset Sale Helps Profit


                            - - - - -


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B R A Z I L
===========


OSX BRASIL: Continues Debt Extension Talks With CEF
---------------------------------------------------
Luciana Magalhaes and Rogerio Jelmayer at Daily Bankruptcy Review
reports that an unnamed spokesman for OSX Brasil SA said that
Brazilian state-run bank Caixa Economica Federal and OSX are still
in talks to try to approve extension of a loan worth BRL400
million (US$184 million).

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2013, Reuters said OSX is trying to roll over a BRL400
million loan with state-run Caixa Economica Federal that was due
on October 19.  OSX reached an agreement with Brazil's state
development bank BNDES on October 16 to refinance a BRL518 million
(US$238 million) loan for an undisclosed period.

A TCRLA report on Oct. 7, citing Daily Bankruptcy Review, reported
that OSX is seeking to escape the fate of its sister company, oil
firm OGX Petroleo e Gas Participacoes SA, which defaulted on a
bond payment amid one of Latin America's biggest corporate
collapses ever.

The TRCLA, citing Reuters, also reported on June 26, that OSX
denied a report it failed to make payments on debt held by Spanish
infrastructure group Acciona.  The local Folha da S.Paulo
newspaper reported that Batista's OSX was struggling to avoid
bankruptcy after it defaulted on some BRL500 million ($222
million) in debt held by Acciona, according to Reuters.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.


==========================
C A Y M A N  I S L A N D S
==========================


ALLIANCEBERNSTEIN: Member to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The member of Alliancebernstein Currency High Alpha Fund
(US Dollar) Ltd will receive on Nov. 15, 2013, at 2:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


ALLIANCEBERNSTEIN MASTER: Member to Hear Wind-Up Report on Nov. 15
------------------------------------------------------------------
The member of Alliancebernstein Currency High Alpha Master Fund
(US Dollar) Ltd will receive on Nov. 15, 2013, at 2:15 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


BELMONT LONG: Members' Final Meeting Set for Nov. 21
----------------------------------------------------
The members of Belmont Long Short Equity Ltd. will hold their
final meeting on Nov. 21, 2013, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stratus Fohf Liquidation Services Limited
          c/o Citco Fund Services (Cayman Islands) Limited
          89 Nexus Way, Camana Bay
          PO Box 31106, West Bay Road
          Grand Cayman KY1-1205
          Cayman Islands


CDH CHINA: Members' Final Meeting Set for Nov. 12
-------------------------------------------------
The members of CDH China Holdings Company Limited will hold their
final meeting on Nov. 12, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tian Hui
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


KENMAR INSIGNIA: Shareholder to Hear Wind-Up Report on Nov. 15
--------------------------------------------------------------
The shareholder of Kenmar Insignia Fund SPC Limited will receive
on Nov. 15, 2013, at 3:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


NEUROSURANCE PROFESSIONAL: Member to Hear Wind-Up Report on Nov. 8
------------------------------------------------------------------
The member of Neurosurance Professional Indemnity Company, Ltd.
will receive on Nov. 8, 2013, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

Neurosurance Professional Indemnity Company, Ltd. is the company's
liquidator.


PIPE ENTERPRISES: Members' Final Meeting Set for Oct. 30
--------------------------------------------------------
The members of Pipe Enterprises Corporation will hold their final
meeting on Oct. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622, Grand Cayman KY1-1203
          Cayman Islands


SAB OVERSEAS II: Members' Final Meeting Set for Oct. 29
-------------------------------------------------------
The members of SAB Overseas Holdings II, Limited will hold their
final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SAB OVERSEAS III: Members' Final Meeting Set for Oct. 29
--------------------------------------------------------
The members of SAB Overseas Holdings III, Limited will hold their
final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SAB OVERSEAS IV: Members' Final Meeting Set for Oct. 29
-------------------------------------------------------
The members of SAB Overseas Holdings IV, Limited will hold their
final meeting on Oct. 29, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


STONEWARE GLOBAL: Shareholder to Hear Wind-Up Report on Nov. 21
---------------------------------------------------------------
The shareholder of Stoneware Global Equities Fund will receive on
Nov. 21, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

Richard Rothwell is the company's liquidator.


STONEWARE MASTER: Shareholder to Hear Wind-Up Report on Nov. 21
---------------------------------------------------------------
The shareholder of Stoneware Global Equities Master Fund will
receive on Nov. 21, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

Richard Rothwell is the company's liquidator.


T-BEAR FUNDING: Shareholder to Hear Wind-Up Report on Nov. 15
-------------------------------------------------------------
The shareholder of T-Bear Funding Limited will receive on Nov. 15,
2013, at 2:45 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


VARNA FUND: Shareholder to Hear Wind-Up Report on Nov. 7
--------------------------------------------------------
The shareholder of Varna Fund II Ltd. will receive on Nov. 7,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877


VARNA MASTER: Shareholder to Hear Wind-Up Report on Nov. 7
----------------------------------------------------------
The shareholder of Varna Master Fund II Ltd. will receive on
Nov. 7, 2013, at 10:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877


===================================
D O M I N I C A N   R E P U B L I C
===================================


* World Bank to Help Dominican Republic Compete Economically
------------------------------------------------------------
Dominican Today reports that the Economy Ministry and the World
Bank signed an agreement to implement a plan to improve Dominican
Republic's economic competitiveness.

Economy Minister Temistocles Montas said the agreement includes
updating the Competitiveness Memo of 2009 and the design and a
work plan to improve competitiveness, which ranks 144th among 185
countries that participated, according to Dominican Today.

The report notes that Minister Montas said both entities invest
US$270,000, to comply with the plan, whose objective is slated to
be reached within two years.

Sophie Sirtaine, World Bank director for Latin America and the
Caribbean Region, signed the agreement in the National Palace, the
report adds.


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J A M A I C A
=============


STOCKS AND SECURITIES: FSC Sends Auditors to Firm
-------------------------------------------------
RJR News reports that Jamaica's Financial Services Commission
(FSC) dispatched a team of auditors to the offices of Stocks and
Securities Limited (SSL) -- a move that normally indicates trouble
in an institution.

However, the regulator has moved to assure, at least some
investors, that their money is safe, according to RJR News.

The report notes that FSC said that its move to go into the
offices of SSL is to "effectively assess the state of affairs" of
the company.  The FSC sought to assure former clients of SSL, who
were transferred to JN Fund Managers in July, that "the action
taken in respect of SSL, will in no way affect them," RJR News
relates.

But, the FSC seemed to suggest, that "a small number of select
sophisticated investors, holding bonds issued by SSL", will be
affected, although it gave no further details on that matter, nor
did it state how much money is at stake, RJR News adds.

Stocks and Securities Ltd. (SSL) is a privately-owned stock
brokerage house located in Kingston, Jamaica.


===========
M E X I C O
===========


GRUPO POSADAS: Fitch Affirms 'B' Local Currency IDR at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Grupo Posadas S.A.B. de
C.V.'s (Posadas) as follows:

-- Local currency Issuer Default Rating (IDR) at 'B';
-- Foreign currency IDR at 'B';
-- National scale rating at 'BB+(mex)';
-- USD275 million senior notes due 2017 at 'B+/RR3';
-- USD83 million senior notes due 2015 at 'B+/RR3'.

The Rating Outlook is Stable.

Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by high leverage, as well as
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico. The use of multiple hotel
formats allows the company to target domestic and international
business travellers of different income levels as well as
tourists, diversifying its revenue base. The Recovery Ratings are
'RR3', which indicates good recovery prospects given default.
'RR3' rated securities have characteristics consistent with
securities historically recovering 51%-70% of current principal
and related interest.

Fitch expects Key Performance Indicators (KPIs) to remain broadly
constant over the short term. The company has been able to turn
around operations in 2012 and 2013, vis-a-vis previous years,
mainly due to stable RevPAR in urban locations, as well as a
marked improvement of RevPAR in coastal properties. Both are the
result of higher occupancy levels, particularly in coastal
locations. Average daily rates (ADR) have stayed generally
constant over the medium term.

Going forward, Fitch views Posadas' strategy to be centered mostly
on managing hotels, as opposed to owning the properties. New
openings should continue for all brands, mainly Fiesta Inn, and
One, mostly under managed and leased formats. This strategy for
new openings reduces capex somewhat and could support free cash
flow generation, which is expected to be negative due to increased
maintenance capex and vacation club developments. Last year,
Posadas divested its South American hotel operation for USD$275
million, and earlier this year, it sold 14 of its hotels to the
FibraHotel REIT for about MXN2 billion.

The company's liquidity position is good. Posadas' next
significant maturity is in January 2015 when about USD83 million
in Senior Notes is due. Cash balances as of June 30, 2013 are
MXN1.4 billion; however, most of that cash, the result of the sale
of 14 hotels to FibraHotel, will likely be destined for capex. The
ratings factor in that Posadas should refinance or pay off this
maturity in advance. Failure to do so could pressure the ratings.

The ratings reflect that adjusted gross leverage will trend
downward towards 4.5x over the medium term. For the 12 months
ended June 30, 2013, total adjusted debt to EBITDAR was 3.7x.
Discounting one-time events, such as the sale of hotels to
FibraHotel, total adjusted debt to EBITDAR should be about 5.0x.
As of June 30, 2013, on-balance-sheet debt reached MXN4.5 billion,
an 11% drop from year-end 2012 levels. In addition to that, the
company had approximately MXN2 billion of off-balance-sheet debt
related to hotel leases.

Rating Sensitivities
Positive factors to the company's creditworthiness include stable
EBITDA generation, consolidating gains in KPIs, and a proven track
record of stronger and stable credit metrics, such as adjusted
debt to EBITDAR consistently below 4.5x.

Negative factors for credit quality could include any weakening of
operating trends or decreases in RevPAR that could lead to lower
EBITDA and cash flow levels, as well as incurring indebtedness
that results in consistently higher leverage levels from current
expectations.


MAQUINARIA ESPECIALIZADA: Fitch Cuts Rating on $160MM Notes to 'C'
------------------------------------------------------------------
Fitch Ratings has downgraded the following senior secured notes
issued by Maquinaria Especializada MXO Trust Agreement No.
F/00762:

-- US$160 million notes to 'C' from 'CC'.

The underlying issuance is a securitization of the payment rights
related to the leasing of existing and future essential
construction machinery pertaining to Corporacion Geo S.A.B. de
C.V. (Geo Corp.).  Repayment of the notes is supported by
quarterly servicer payments paid by Geo Corp. during a 10-year
period under the terms of the service agreement (SA) for the
operation of the equipment. Quarterly payments under the SA are
made at the beginning of each quarterly lease period.

Key Rating Drivers

The downgrade reflects (i) termination of the SA after Geo Corp.'s
failure to make quarterly payments under the SA on May 10, 2013
for the corresponding May - July period and again on Aug. 10, 2013
for the August - October period; (ii) timely debt service payment
by the senior secured notes on Aug. 2, 2013 with funds from the
reserve account; (ii) available liquidity in the form of cash
deposited in the Trust Estate accounts totaling approximately $26
million, which could be used to pay the notes; and (iii) the
additional collateral in the form of construction equipment.

Fitch's rating addresses the timely payment of interest and
principal according to the original schedule and does not include
any potential acceleration amounts.

On July 15, 2013, the Indenture Trustee notified Fitch that Geo
Corp. did not cure its missed payment under the SA within 30 days
for the May-July period. This would have allowed the controlling
party to request termination of the SA by the Indenture Trustee.
Shortly after this, Geo Corp executed a forbearance agreement with
the majority of the note holders. Under this agreement, the note
holders agreed not to exercise their rights after a technical
event of default and waived their right to take any action against
Geo Corp. and its subsidiaries until Sept. 3, 2013, the expiration
date of the forbearance agreement.  The August payment, $3.7
million of interest and $0.9 million of Principal, was made with
funds from the reserve account.

In September 2013, in the context of its financial restructuring,
Corp. Geo entered into an amendment of the forbearance agreement.
Such amendment provided for an extension of the forbearance
agreement until Oct. 3, 2013. Geo Corp has failed to make
quarterly payments under the SA for the past two quarterly
periods.

On Oct. 18, 2013, the Indenture Trustee informed Fitch that the
majority of the note holders have requested the termination of the
SA as a result of Geo Corp.'s failure to make the May and August
payments under the SA. Payments received under the SA from Geo
Corp. are the only source of payment of the senior secured notes.
Timely payment on the senior secured notes entirely depends on the
reserve account funds without the SA being full force and effect.
As of August 2013, the balance in the reserve accounts is 21.5
million in the reserve account and 4.47 million in the capital
expenses account.

Upon termination of the SA and a technical event of default under
the indenture, the note holders would have the right to instruct
the Indenture Trustee to declare the early amortization of the
notes, execute an unsecured claim against Geo Corp. in an amount
equal to 100% of the outstanding balance of the notes, and dispose
the Trust Estate, including the repossession and sale of the
machinery serving as collateral for this transaction. The next
scheduled debt service payment of $4.63 million is due in November
2013.

Even when the funds deposited in the reserve account would provide
enough liquidity to the transaction to make timely debt service
payments for at least the next three scheduled payment dates, the
agency is concerned about the transaction's ability to repay the
notes in full.  The note holders have the right to file an
unsecured claim against Geo Corp. and sell the machinery backing
this transaction.  Liquidation of this collateral may generate
enough cash to make the note holders whole; however, the ability
to sell the collateral and the expected time to liquidate the
machinery are uncertain. As of July 2013, there were 1098
equipment units as part of the collateral.

Rating Sensitivities

The downgrade of the senior secured notes is a result of the
termination of the SA as only source of payment on the notes. As a
result, the transaction is unable to sustain an extended period of
negotiations with the note holders to either achieve a successful
restructuring of the notes or acceleration of the notes followed
by repossession and sale of the construction equipment. Fitch
believes default on the notes is imminent. A further rating action
will be taken following either failure to make a scheduled payment
according to the documents or a restructuring of the original
terms of the notes.


MUNICIPALITY OF SULTEPEC: Moody's Withdraws Ba2/B2 Issuer Ratings
-----------------------------------------------------------------
Moody's de Mexico announced that it has withdrawn the issuer
ratings of Ba2.mx/B2, negative outlook, on the Municipality of
Sultepec due to insufficient information.

Ratings Rationale:

Moody's has withdrawn the issuer ratings assigned to the
Municipality of Sultepec because the rating agency has not
received information necessary to monitor the rating. Publicly
available information, in Moody's view, is not sufficient to allow
Moody's to continue to monitor the Municipality's
creditworthiness. In addition, the negative outlook reflected
uncertainty about key financial matters. Without detailed
information about them, Moody's believes that it is unable to
provide the market with an updated and informed assessment of the
current credit quality of the issuer.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.


=====================
P U E R T O   R I C O
=====================


EMPRESAS OMAJEDE: Charles A. Cuprill to Step Down as Counsel
------------------------------------------------------------
Charles A. Cuprill, P.S.C. Law Offices filed a motion with the
U.S. Bankruptcy Court seeking leave to resign as counsel to
Empresas Omajede, Inc.  Cuprill also asked the Court to grant the
Debtor 30 days to retain substitute counsel and to file its plan
or reorganization and disclosure statement.

Due to differences between the undersigned counsel and Debtor's
management, the undersigned law firm has been asked to resign as
Debtor's counsel in this case, according to papers filed in court
by the law firm.

The undersigned counsel has made the Debtor's president, Antonio
Betancourt, Esq., aware of the status of the Debtor's Chapter 11
proceedings, as well as of the pendency of the Debtor's plan of
reorganization and disclosure statement.

The firm can be reached at:

         Charles A. Cuprill-Hernandez, Esq.
         CHARLES A. CUPRILL, P.S.C. Law Offices
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: 787-977-0515
         Fax: 787-977-0518

                     About Empresas Omajede Inc.

Empresas Omajede, Inc., filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 12-10113) in Old San Juan, Puerto Rico, on Dec. 21, 2012.
Charles Alfred Cuprill, Esq., and Patricia I. Varela, Esq., at
Charles A. Cuprill, PSC, serve as counsel.  Nelson E. Galarza
serves as financial advisor.

The Debtor disclosed $16,718,614 in assets and $4,935,883 in
liabilities in its schedules.  The Debtor is a Single Asset Real
Estate as defined in 11 U.S.C. Sec. 101(51B) with principal assets
located at La Ectronica Building, 1608 Bori St., in San Juan,
Puerto Rico.


POPULAR INC: Seeks to Repay Bailout as Asset Sale Helps Profit
--------------------------------------------------------------
David Scheer at Bloomberg News reports that Popular Inc. has asked
the Federal Reserve for permission to repay a US$935 million
taxpayer bailout it took during the financial crisis.

The lender's request to exit the Troubled Asset Relief Program was
disclosed as part of the San Juan-based company's statement
announcing third-quarter results, according to Bloomberg News.
Chief Executive Officer Richard Carrion said he couldn't speculate
about if or when approval would be granted, the report relates.

"Robust levels of excess capital, continued credit quality
improvements and improved financial performance have paved the way
toward our objective of the most shareholder-friendly exit from
TARP," Mr. Carrion said in a conference call with analysts,
Bloomberg News notes.

Bloomberg News recalls that Mr. Carrion has sought to rid Popular
of bad loans after the 2008 bailout, the largest still outstanding
under TARP's bank-rescue program, according to a Sept. 10 Treasury
report.  Those efforts have been hurt as Puerto Rico's economy
contracted 5 percent this year through July, the most since
February 2010, government data show, Bloomberg News notes.

                            Fed Approval

Bloomberg News notes that Popular Inc.'s TARP obligation dwarfs
the US$254.3 million owed by San Juan-based First BanCorp, which
has the second-biggest outstanding debt under the program, the
report shows.

"While Treasury is an investor in Popular, whether the company can
repay their TARP funds is subject to approval from their
regulator, the Federal Reserve," the Treasury Department said in
an e-mailed statement obtained by Bloomberg News.

Bloomberg News relates that the bank reported net income of
US$229.1 million, or US$2.22 a share, compared with US$47.2
million, or 45 cents, a year earlier.  The results were helped by
a US$167.8 million gain from the sale of part of its stake in
payment-processor Evertec Inc., according to the statement,
Bloomberg News discloses.

Adjusted net income was US$61.3 million, trailing the US$78.7
million estimate of four analysts surveyed by Bloomberg.

Popular, Inc., a financial holding company, provides a range of
retail and commercial banking products and services primarily to
institutional and retail customers in Puerto Rico and the Mainland
United States.
                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 21, 2013, Fitch Ratings has completed a peer review of four
rated Puerto Rican banks. Fitch has affirmed the Long-term Issuer
Default Ratings (IDR) of Doral Financial Corp. and First BanCorp
at 'B-'.  Fitch has upgraded the Long-term IDR of Popular Inc. to
'BB-' from 'B+', which is now equalized with its bank subsidiaries
ratings.  The Outlook for BPOP and FBP is Stable.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

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202-241-8200.


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